OPEC: Oil Market Does Not Lacks Oil

The OPEC?s Secretary General Adnan Shihab-Eldin said that the world oil market is adequately supplied with crude despite concerns over colder weather in the Northern hemisphere.

At the meeting on Jan.30 in Vienna OPEC ministers will decide what measures should be taken to prepare for the second quarter when demand typically declines, he said. He added that supply disruptions in the North Sea, Gulf of Mexico, Nigeria and Iraq have also played a role.